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You definitely wouldn't. The risk of accumulated error is way to big, you need a system than measures from a fixed point each time. Having said that I don't know how accurate drilling actually has to be, I suppose the wheel builder compensates automatically for discrepancies, if there are any.
You'd probably get pretty good accuracy by using your method, but only up to three holes or so, then re-measuring from a fixed point for the 4th. Saves time but keeps reasonably accuracy.
This is all random conjecture, I've never built a wheel or drilled a rim.
I'd put some dot stickers on every 65.5mm and see if you end up back where you started after 28.
http://www.whsmith.co.uk/products/whsmith-self-adhesive-small-dot-coloured-labels/37255749